SINGAPORE, Nov 8 (Reuters) – Oil prices slipped on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries.
Brent crude fell 23 cents, or 0.2%, to $97.69 a barrel by 0726 GMT, while U.S. West Texas Intermediate (WTI) crude fell 32 cents, or 0.4%, to $91.47 a barrel.
Both benchmarks hit their highest since August on Monday amid reports that leaders in China, the world’s top crude importer, were weighing an exit from the country’s strict COVID-19 restrictions.
Full coverage: REUTERS
Factbox: Market Implications From Tuesday’s U.S Midterm Elections
NEW YORK, Nov 8 (Reuters) – Investors are turning their focus to Tuesday’s midterm elections, which will determine control of the U.S. Congress.
If Republicans – who have been leading in polls and betting markets – win control of either the House of Representatives, the Senate, or both, it will result in a split government with the presidency under Democrat Joe Biden.
Full coverage: REUTERS
China’s Super-Rich See Fortunes Plunge As Economy Slows
Nov 8 (Reuters) – China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday.
The Hurun Rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. Their total wealth was $3.5 trillion, down 18%.
Full coverage: REUTERS
Renault, Geely Clinch Deal For Internal-Combustion Joint Venture
BEIJING, Nov 8 (Reuters) – Renault SA (RENA.PA) and China’s Geely (0175.HK) said on Tuesday they have agreed to launch a new, equally held joint venture that will supply gasoline engines and hybrid technology to the brands they own as well as to other automakers.
While it was not immediately clear whether the venture represents a step towards even closer collaboration on gasoline cars between the two companies, it marks a critical step in the French automaker’s complex restructuring.
Full coverage: REUTERS
Democratic Upset In U.S. Midterms Could Roil Markets, Options Mavens Say
NEW YORK, Nov 8 (Reuters) – An unexpected result in Tuesday’s U.S. midterm election could roil markets positioned for relative calm, options strategists said.
Control of the U.S. Congress is at stake in Tuesday’s midterms, with Republicans favored by polls and betting markets to win control of the House of Representatives and possibly the Senate. With Democrat Joe Biden in the White House, that potential result would lead to a split government, an outcome seen as broadly favorable to markets over the long term.
Full coverage: REUTERS
